Mitchells & Butlers (M&B), the managed pub group, is well on track with a key facet of its new strategy to target leisure parks and convert pubs to growth-driving brands, according to its chief executive. Adam Fowle told analysts M&B had signed up to four “leisure sheds” and was on course to convert 50 of its own sites to the six brands that had been earmarked for substantial expansion before 2011, and a further 100 next year. He said: “The easiest and greatest source of value growth for our capital is conversion. This is basically from low priced to higher priced offers. “Our balance of efforts is those conversions. However, we are starting to build a pipeline of retail sites, but it would be fair to say it is not where the effort is going at the moment. It pales in comparison to the work going on in the conversion programme.“ The company revealed in March, following a strategic review launched by new chairman John Lovering, that it would target leisure parks and undergo a conversion programme. M&B has also placed 400 wet-led pubs on the market, in a sales process it hoped to complete by the autumn. However, Fowle admitted there was no “guillotine” cut off point for the completion. He said: “We’re in a process and we’re confident of that process.”